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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 13-JUL-2024

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

INSURANCE BROKER: CEASED TO ACT AS INSURANCE BROKER

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ALLIED INSURANCE BROKERS PVT.LTD.  
  DID NOT MAINTAIN SYSTEM OF INTERNAL CONTROLS AND INTERNAL AUDIT

DID NOT RENEW PROFESSIONAL INDEMNITY INSURANCE POLICY IMMEDIATELY AFTER THE EXPIRY OF THE POLICY

DID NOT MAKE DISCLOSURE OF PROPOSED TRANSFER OF SHAREHOLDING TO IRDA

DID NOT APPOINT PRINCIPAL OFFICER

VIOLATED IRDA REGULATION 20 OF REGULATIONS, 2002 BY EXCEEDING THE LIMIT OF BUSINESS SOURCED FROM SINGLE CLIENT   		REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER

CEASED TO ACT AS INSURANCE BROKER

13-JAN-2014 		 
2
History of entity/person APOORVA INSURANCE BROKERS PVT.LTD.  
  DID NOT FILE ONLINE RETURNS TO IRDA AS PER CIRCULAR NO.009/IRDA/BRO/MAY 06 DATED 26/05/2006

DID NOT HAVE PROPER INFRASTRUCTURE REQUIRED FOR PROCUREMENT OF INSURANCE BUSINESS   		REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER

CEASED TO ACT AS INSURANCE BROKER

16-SEP-2014 		 
3
History of entity/person NETAMBIT INSURANCE BROKING INDIA LTD.  
  DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE

DID NOT MAKE DISCLOSURE OF INFORMATION ON ACTIVITIES OF DIRECTORS, PROMOTERS GROUP ENTITIES IN APPLICATION FOR GRANT OF LICENSE AND SUBMITTED WRONG UNDERTAKING

COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS

FILED FORGED AGREEMENTS TO AVAIL TELEMARKETING SERVICES

ENGAGED IN OFFERING AND CROSS SELLING OF VARIOUS PRODUCTS IN ADDITION TO INSURANCE PRODUCTS   		REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER

CEASED TO ACT AS INSURANCE BROKER

03-OCT-2013 		 
4
History of entity/person SMS INSURANCE SERVICES PVT.LTD.  
  DID NOT APPLY FOR RENEWAL OF REGISTRATION   CEASED TO ACT AS INSURANCE BROKER

11-JAN-2008 		OPTED NOT TO RENEW THE LICENSE HENCE DIRECT BROKER LICENSE CANCELLED W.E.F.07-08-2008  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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